Doug Noland - True Ultra-Dovishness

``It's now been almost two years since Bernanke's talk of winding down QE and commencing a normalization of monetary policy. The Fed's current focus should not be the dollar, CPI or even the employment rate. The primary consideration after six years of zero rates and $3.6 TN of monetization should be Financial Stability. The Fed needed to be prepared to counter securities market and speculative excesses. They have failed to do the obvious, and Wednesday's meeting confirms they will remain firmly in Bubble accommodation mode. ''